tax stress ---might not make enough

[wayno 9]

Just did my taxes as I had an extension for being out of the country.

What do they go by on the 1040? Adjusted Gross Income or total income?

Adding up my wages and self employment income----After Schedule C deductions my Gross income was 27,000.

However, After my IRA, insurance, and 1/2 self employment tax deduction my adjusted gross income hits 18,000.

Which do they go by. I made 37,000 but my taxes show 18,000 Is that the figure they will go by.

17,500 wages,saleries, and tips + net profits or loss on my schedule C show 9,500 after 10,000 in deductions. Together they equal 27,000.

Beware of a tradititional IRA. It seems that deduction gets subtracted from your income. As my AGI dips below the required amount. Well, many month's seem to be wasted in this process now as my parents are retired and even though they own two houses they have no INCOME. Just retirement benifits and drawing from their IRA. Any ideas or should I give the call to my wife saying there is no chance in h%$l she can be approved because her husband (me) is an unemployed bum as far as NVC is concerned.

[imaisha 0]

"For purposes of this affidavit, the line for gross (total) income on IRS Forms 1040 and 1040A will be considered when determining income. For persons filing IRS Form 1040 EZ,the line for adjusted gross income will be considered."

from page 8 here: http://www.uscis.gov/files/form/I-864.pdf

and don't give up hope. have you considered a co-sponsor? also keep in mind that it's not solely the last year's tax return that they make their decision on. could you get a letter from an employer showing your salary? what do your paystubs show? any assets? you might be able to count the IRA as an asset.

Edited May 26, 2009 by imaisha

[wayno 9]

Thanks, Gross income would be fine.

Unfortunatly I'm considered self employed which seems to put me at a disadvantage to anything that requires tax documents. Every deduction gets subtracted from your income. As you pointed out it seems they, unlike banks, actually understand that. Gives me some releaf. I was hoping to not use my parents but it seems I may have to. Of course being retired they get 1099'ed too. Of course that means all their deductions get subtracted from their earnings so they show little income as well, even though they bring in more then enough from retirement. Thanks again.